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Morguard Real Estate Investment 5 25 convertible unsecured subordinated debentures T.MRT.DB.A

Alternate Symbol(s):  T.MRT.UN | MGRUF

Morguard Real Estate Investment Trust is a Canada-based closed-end real estate investment trust. The Company provides real estate advisory services and portfolio management services, specializing in publicly traded equities and fixed-income securities, to institutional clients and private investors. The Company owns a diversified portfolio of 46 retail, office and industrial income-producing properties in Canada consisting of approximately 8.2 million square feet of leasable space. It owns and manages a diversified portfolio of office, industrial, retail, multi-suite residential and hotel properties in North America. It is a significant sponsor of two real estate investment trusts (REITs): Morguard REIT, a closed-end Trust with a diversified portfolio of Canadian commercial real estate assets; and Morguard North American Residential REIT, an open-end Trust with a diversified portfolio of multi-suite residential assets across North America.


TSX:MRT.DB.A - Post by User

Comment by slston May 01, 2023 10:39pm
302 Views
Post# 35424228

RE:RE:TD comment on result

RE:RE:TD comment on resultUltimately, the trading price is the REAL value.  REITS are all weak at the time.
However, Even TD says that their MRT.un NAV is $7.50 per share and higher than the current trading price

Take that a step further, the Management issued Convertible debentures last year at a conversion price of $7.80.....more out of necessity due to the Covid environment.  The previous conversion price was $20 per share.

They recently reported quarterly Cash flow at 25 cents per share, so $1 per year.   For many years they distributed 8 cents per month or nearly $1 per share.  So what is a reasonable value?.

Financial Statements that are cleared by a Big Accounting firm, have shown large writedowns due to the Covid  impact, and then a little from due to rising interest rates and Real Estate market conditions.  The resulting NET BOOK VALUE (Market Value based on Estimated Property Value) is nearly $18 per share...check that as it may be $16ish per share.

Parent Company has been buying shares in the $5.50 rage and increasing their ownership....so, I think MRT.UN is a decent "BET" at current prices.......These are Great Canadian Real Estate Buildings trading at a third of thier historical purchase price...+well managed and maintained. 

I got in at much higher prices, so I am so biased and was obviously wrong....do your own due diligence.
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